GLOBAL HAND SANITIZER MARKET FORECAST 2019-2028

GLOBAL HAND SANITIZER MARKET FORECAST 2019-2028

The global hand sanitizer market is anticipated to grow at a CAGR of 9.93% between 2020 and 2028, and is anticipated to generate revenue of $2.89 billion by 2028. Hand sanitizers are chemicals, used mostly as a substitute for soap and water, primarily for disinfecting hands, thereby, preventing the spread of various infections and diseases. The important drivers increasing growth in the global hand sanitizer market are surging healthcare-associated infections and growing demand for hand sanitizers.

The global hand sanitizer market is anticipated to grow at a CAGR of 9.93% between 2020 and 2028, and is anticipated to generate revenue of $2.89 billion by 2028. Hand sanitizers are chemicals, used mostly as a substitute for soap and water, primarily for disinfecting hands, thereby, preventing the spread of various infections and diseases.

The important drivers increasing growth in the global hand sanitizer market are surging healthcare-associated infections and growing demand for hand sanitizers. Healthcare-associated Infections or HAIs are infections acquired by patients in hospitals when they receive some kind of healthcare treatment for medical or surgical conditions. Modern-day healthcare involves the use of many types of invasive devices and employs various procedures to treat patients and to help them recover. The increased fear of SARS, Ebola, Corona Virus, and Swine Flu H1N1 diseases, is increasing the spread of contagious diseases, which is increasing consumer awareness about hand sanitizers among millennials.

In 2019, around 42.34% of revenue share was captured by the gel-based category in terms of hand sanitizer by product. The gel-based hand sanitizers deliver consistently, while providing the best shield against germs. In addition, the viscosity of the product ensures that the product will be dispensed directly and will stay till the stage both hands are rubbed. According to the Adobe Analytics firm, the demand for hand sanitizer has gone up by 1,400 percent from December 2019 to January 2020 due to the endemic Covid-19 fears.

The increasing harmful toxicants in hand sanitizers and fluctuations in the prices of raw materials are the major factors hindering the global hand sanitizer market growth. The constant use of hand sanitizers might lower the end-user’s resistance to infections by killing good bacteria that help protect against bad bacteria. Hand sanitizers comprise of numerous chemicals such as benzalkonium chloride (BAC), ethyl alcohol, phthalates & parabens, and urea that cause several health issues. These factors are anticipated to restrain market growth during the forecast period.

In terms of geography, North America dominated the market with a revenue share of 36.23% in 2019. The global hand sanitizer market trend in North America is expected to hold the largest share by 2028, and the Asia Pacific is projected to grow at a fast pace during the forecast period. The rise in awareness about the importance of being hygienic is one of the key reasons behind the overall growth of the market in North America. Hand sanitizer products incur demand from household and commercial sectors, including restaurants, schools, and hospitals.

The urbanization of developing countries in APAC is expected to bolster retail sales and growth of industries such as hospitality, broadcasting, healthcare, exhibition, entertainment, and restaurant. Moreover, in 2020 amidst the Corona Virus outbreak, in Asia, hand sanitizer became so scarce that the South Korean government started penalties of up to $42,000 or prison for two years for anybody hoarding sanitizers. Scarcities in Thailand also spurred health establishments to boost citizens to make their own sanitizer.

The major market players of the global hand sanitizer market are:

3M Company

CleanWell LLC

Procter & Gamble (P&G)

Reckitt Benckiser

Unilever

Key strategies adopted by some of hand sanitizer companies:

In March 2020, 3M and The BrandLab (TBL) announced a two-year initiative for the year 2020 and 2021 that focused on establishing diversity within the creative career paths, including industrial design and graphics. This partnership aims to inspire diverse, young school students to pursue address opportunity gaps, creative careers for underrepresented students and exemplify a more culturally diverse populace of creative talent for establishments that have a global footprint. In January 2020, JD Logistics and Unilever agreed to explore sustainable and smart solutions in the supply chain.

Key findings of the global hand sanitizer market:

Gel-based hand sanitizer is anticipated to grow at a faster rate.

Healthcare is the largest revenue-generating end-user.

The online distribution channel is the fastest-growing distribution channel.